Lee Enterprises raises $50M at $3.25/share; CEO Mowbray to retire; credit rate cut from 9% to 5%

LEE ENTERPRISES, Inc

Private placement of 15.38M shares at $3.25, anchored by David Hoffmann with ~$35M commitment; top existing investors cover remaining ~$15M.
CEO Kevin Mowbray to retire effective at closing; COO Nathan Bekke to serve as Interim CEO; board initiated permanent CEO search.
Credit agreement amendment reduces interest on ~$455.5M term loan from 9% to 5% for 5 years, expected annual savings of ~$18M.
David Hoffmann expected to become Chair of the Board after closing; board increases from 9 to 10 members.
Special meeting sought for stockholder approval; closing expected Q1 2026; lock-up 180 days, standstill 12 months.

item 1.01 item 3.02 item 5.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Equity Issuances SEC 8-K Item 3.02/3.03 confidence 0.9

LEE ENTERPRISES, Inc issued 15,384,615 shares of common stock to David Hoffmann and certain additional investors for $3.25 per share.

Security: common stock
Shares: 15,384,615 shares
Purchaser: David Hoffmann and certain additional investors
Consideration: $3.25 per share

Exact text from the filing

the Company agreed to issue and sell to the Investors in a private placement (the “Private Placement”) an aggregate of 15,384,615 shares (the “Shares”) of the Company’s common stock, par value $0.01 per share (the “Common Stock”), at a purchase price of $3.25 per share.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

LEE ENTERPRISES, Inc entered into Stock Purchase Agreement with David Hoffmann and certain additional investors valued at Issuance of 15,384,615 shares of common stock at $3.25 per share for aggregate gross proceeds of app (effective 2025-12-30).

Action: entry
Agreement: equity purchase
Counterparty: David Hoffmann and certain additional investors
Value: Issuance of 15,384,615 shares of common stock at $3.25 per share for aggregate gross proceeds of app
Effective: 2025-12-30

Exact text from the filing

On December 30, 2025, Lee Enterprises, Incorporated (the “Company”) entered into a stock purchase agreement (the “Purchase Agreement”) with David Hoffmann (the “Anchor Investor”) and certain additional investors (the “Other Investors” and, together with the Anchor Investor, the “Investors”), pursuant to which the Company agreed to issue and sell to the Investors in a private placement (the “Private Placement”) an aggregate of 15,384,615 shares (the “Shares”) of the Company’s common stock, par value $0.01 per share (the “Common Stock”), at a purchase price of $3.25 per share.

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LEE ENTERPRISES, Inc filing history →

Source: SEC EDGAR

accession 0001213900-25-126353

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